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March 27 (The following statement was released by the rating agency)
Fitch Ratings has affirmed Deutsche Bank AG Taipei Branch's (DB Taipei) outstanding TWD1bn October 2019 senior unsecured notes at National Long-Term 'AAA(twn)'.
Key Rating Driver - Debt Rating
The rating of DB Taipei's bonds is aligned with Deutsche Bank AG's Long-Term Issuer Default Rating (IDR) of 'A+', which is at the same level as Taiwan's sovereign rating, equivalent to 'AAA(twn)' on the National Rating scale. This is based on Fitch's rating criteria on senior bond instruments of financial institutions.
Rating Sensitivities - Debt Rating
The debt's National Rating will be downgraded if Deutsche Bank AG's Long-Term IDR is downgraded to below Taiwan's sovereign rating of 'A+'.
The latest rating action commentary on Deutsche Bank AG, dated 26 March 2014, is available at www.fitchratings.com.